I need help. Bankruptcy discharged mortgage 2nd job”

00ewisD00ewisD Forumite
9 Posts
First Post
MoneySaving Newbie

Hi all.


Where can I start. I’m new to this. I’ve got couple of questions. 


“Bankruptcy discharged mortgage 2nd job”


I was made bankrupted on the 4 July 2018   By the HMRC due to a 70k debt which didn’t include other debts. I haven’t got any confirmation that I’ll be discharged from bankruptcy. 


Here’s the time line


  • declared bankruptcy 4 July 2018


  • Appointed trustee 24 October 2019


When will I know if I’ve been discharge and when can I check when and if it happened. This year 2020 I check on the IS website and my name isn’t there. What does that mean? 


Also, if I’ve been discharge does the same rules apply for over the bankruptcy period? 


If I’ve been discharged can I get a second job and will I have to do a IOF and pay to my debtor who I owed money to before I went bankrupt? 


But I had a letter October 2019 the person name been appointed as trustee with effect from October 2019. 


When I was made bankrupt the OR asked me to fill in a IOF and I filled in in and gave them all my income and outgoing and I didn’t have enough surplus income? 


If I get a second job now if I’ve been discharged will I have to give the surplus income? I wouldn’t mind if I did. I don’t want to break any rules. 


Am I allowed to get a mortgage now? 

 

Can I get a Sole buy to let mortgages and what will the deposits be? 


Can I get a Joint mortgages with my partner and what will the deposits be? 


Also, will I get any notification via email or phone call? will I hear from anyone again? Do I just "crack on" for next 5 years before my credit file reverts? 


After the 6 years period how long will it take for my credit score to go back to good? 


What does discharge from bankruptcy mean? 


Can I travel abroad without notifying the OR if I’m discharged from bankruptcy? Due to the fact in the first couple of month being bankruptcy i notified the OR going going abroad and the OR said I need to notify them if I go abroad. 


Sorry for the all. I’m new to this.


I haven’t emailed the appointed trustee just yet but I’m going to do in due course to clarify everything. I don’t want to break any sort of restriction or rules. 


Thanks all 

Replies

  • mwarbymwarby Forumite
    2K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    your allowed to get a mortgage again, although at the 2 year point I expect you'll find a buy to let mortgage very difficult, you'd need a broker. It's likely you will be straight turned down, given the market and bankruptcy, if you were able to get something you'd need a big deposit (25% absolute minimum) and the rates will be high

    re your credit history going back to normal that's 6 years from date of bankruptcy, so 2024
  • Minkym00Minkym00 Forumite
    631 Posts
    500 Posts Second Anniversary Name Dropper
    ✭✭
    You are now discharged from bankruptcy so you can take a second job and don’t need to tell your trustee, any surplus income is yours to keep.

    You can travel abroad but if you are intending to go for a long period you should let your  know as a matter of courtesy as they may need information from you. 

    Presumably a new trustee was appointed to deal with asset, or recovery of an asset. Why was a trustee appointed so long after you had already been discharged (which was on the 5th July 2019)?
  • 00ewisD00ewisD Forumite
    9 Posts
    First Post
    MoneySaving Newbie
    Hi Thanks for your the message.
    The evening I post this I messaged the Insolvency Service  2 hours later about the discharge of bankruptcy. They emailed me in the morning, send me a letter and confirmed I was discharge on the 4 July 2019. Later that day I emailed the trustee who have been appointed about what I've mentioned in this posted. But i'm still waiting to hear by.
    Because after hearing about mortgages and the depostie I'm looking to get another job so I can save so it can help toward a mortgage. 
    I'll keep that in mind if I do go for a long period. 
    tbh i'm not sure. No one didn't tell me why. even to this day. I don't know why. 

    Thank you very much
  • 00ewisD00ewisD Forumite
    9 Posts
    First Post
    MoneySaving Newbie
    Minkym00 said:
    You are now discharged from bankruptcy so you can take a second job and don’t need to tell your trustee, any surplus income is yours to keep.

    You can travel abroad but if you are intending to go for a long period you should let your  know as a matter of courtesy as they may need information from you. 

    Presumably a new trustee was appointed to deal with asset, or recovery of an asset. Why was a trustee appointed so long after you had already been discharged (which was on the 5th July 2019)?



    A quick question. 

    If I want to get into investing when I get  a surplus income can I invest into the stock markets and other business? Am
    i allow too and would I have to notify the Trustee? 
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